Rouhani was addressing a crowd in the southern city of Bushehr –
home to a nuclear power plant built with the help of the
Russians, which became operational in 2011.

He also said that falling prices for crude oil are the result of
“a plot that will be overcome with unity and
resistance.”

“Those [countries] who have planned the oil price reduction
against some countries should know that they will regret
it,” he said, without elaborating on what countries he
meant.

Rouhani was elected in 2013 on promises to turn around Iran’s
sanctions-hit economy. He has successfully lifted the country out
of recession and recently began to stress the importance of
non-oil exports.

Iran was somewhat caught off guard by the slide in oil prices, as
its current budget was based on sales at US$100 a barrel.

Tehran cut that estimate to $72 in March but oil has now hit a
six-year low, with Brent crude trading at just $46.

With Rouhani at the helm, inflation rates have halved to less
than 20 percent. With progress in talks regarding Iran’s
controversial nuclear program, some sanctions by the West have
been lifted.

But as oil prices continue to tumble, there is now the prospect
of a deficit in Tehran, particularly as businesses are cut off
from loans in the international banking system, as most of the
sanctions still remain in place.

By seeking to hammer out a deal with the six world powers,
Rouhani had hoped to breathe life into the Iranian economy by
opening Iran up to foreign companies and partnership deals.

Due to Western sanctions, Iran’s oil exports have dropped from
2.5 million barrels a day in 2011 to about one million barrels
today, according to the US Energy Information Administration
(EIA).